Links in “Agencies”
- Measuring Up: Agencies Release Annual CRA Asset-Size Thresholds for Small Institutions
The regulatory agencies announced the annual adjustment to the CRA (Community Reinvestment Act) asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under CRA. A "small bank" has assets of under $305 million as of December 31 of both of the prior two calendar years. Those meeting the small and intermediate small asset-size threshold are not subject to the reporting requirements applicable to large banks and savings associations. [12/22/14]
- CFPB Fines Companies $2.5 Million for Targeting Servicemembers
Three companies have been charged with conducting abusive practices against servicemembers in regards to debt collection. The CFPB has ordered these companies to pay $2.5 million in consumer redress efforts and $100,000 in civil penalties. Director Cordray emphasized, "our nation's servicemembers deserve better than to be targeted with illegal collections tactics when they are struggling to pay their bills." [12/19/14]
- FinCEN Takes out the Trash, Charges $1 Million
FinCEN issued a $1 million civil money penalty against Thomas E. Haider, who oversaw the fraud and AML compliance departments of MoneyGram. According to FinCEN Director Jennifer Calvery, Mr. Haider "created an environment where fraud and money laundering thrived and dirty money rampaged through the very system he was charged with protecting." [12/19/14]
- Need Some Extra Money for Training? Hiring Interns? NCUA’s Got You Covered
The NCUA has at least $360,000 in funding available for grants to help low-income credit unions provide training to their employees and volunteers or hire high school and college students as interns. Make sure to get your applications in! [12/18/14]
- OCC Offers Some Perspective on Risk
The recent Semi-Annual Risk Perspective report from the OCC highlighted increased credit risk in national banks and federal savings associations stemming from declining revenues and profitability. The report also noted increasing competition for lending opportunities, evolving cyber threats, and persisting BSA and AML risks. [12/18/14]
- OCC Provides Updated TILA Examination Guidelines
The OCC has released a new Truth in Lending Act booklet to replace the 2010 version in providing guidance and procedures related to examinations. The biggest changes surround Dodd-Frank's transfer of rulemaking authority and new requirements for high-priced mortgage loans. [12/17/14]
- Crystal Clear: Transparency Improvements for NCUA
The 2015 operating budget for each NCUA board member has been made public in an effort to improve transparency and accountability. Similarly, the FDIC operating budget for 2015 has been approved and can be reviewed here. [12/17/14]
- Nasty Nuances of Lending Laws
Due to a statue of limitations for New Jersey mortgage foreclosures, a delinquent borrower of six years has essentially been awarded a "free house." The lender received only three monthly payments on a $520,000 note before the borrower defaulted on the loan; due to technicalities, the lender has no lien position in the property and the borrower owns it free and clear. [12/17/14]
- Attention Required for Matters Requiring Attention
Matters requiring attention (MRAs) are imperative to the regulatory exam process. Find out more about MRAs and how the OCC has changed its policies for managing these items. [12/16/14]
- Decline in College Credit Card Agreements: A False Positive?
The CFPB has released its annual report detailing trends associated with college credit card agreements. While a 70% decline in the number of agreements since the 2009 disclosure requirement were passed may seem promising, the CFPB's findings indicate a shift to less regulated banking products. [12/16/14]
